Export Trading Company Act of 1979

Export Trading Company Act of 1979 - Title I: Establishment of Export Trading Companies - Sets forth the procedure for the licensing of export trading companies. Prohibits licensing any such company if: (1) a foreign entity owns stock in such company; (2) any person owns more than 20 percent of the stock of such company and does not submit a divestiture plan; or (3) such company engages in manufacturing directly or indirectly as a member of a controlled group of corporations.

Gives the Secretary of Commerce exclusive jurisdiction to determine whether such company meets the terms and conditions of its license. Sets forth the procedures to be followed and the remedies for violations.

Makes licensed export trading companies eligible for loans and guarantees from the Export-Import Bank of the United States, the Small Business Administration, and the Economic Development Administration, to meet export-related operating expenses. Authorizes the Export-Import Bank to provide loan guarantees to such companies.

Permits banks and bank holding companies to purchase a portion of the equity securities of licensed export trading companies.

Exempts licensed export trading companies from the antitrust laws as long as specified conditions do not exist.

Title II: Tax Treatment of Export Trading Companies and their Shareholders - Amends the Internal Revenue Code of 1954 to permit licensed export trading companies to elect not to be subject to taxes imposed by this title.

Stipulates that distributions from such companies shall be included in gross income or applied to reduce the basis of the stock to the shareholder. Permits the investment tax credit of electing companies, to be allowed as a credit to the shareholders of such company according to a specified formula. Makes shareholders of such companies eligible for a foreign tax credit.

Prohibits the allocation of income and deductions among taxpayers, when such taxpayers are an electing export trading company and a foreign subsidiary of such company. Stipulates that net operating losses of such companies shall be only carried over.

Requires those companies electing to be subject to taxes imposed by this title to include specified information in their returns. Requires each such company to report annually to the Secretary of the Treasury summarizing its operations.